- What is a stellar blockchain framework?
- Similarities between stellar and normal blockchains.
Stellar blockchain was created by Jed McCaleb in 2014, and notably, he also founded Ripple. Stellar blockchain is part of the same mission that is the priority of every blockchain platform. It wants to utilize blockchain technology to make financial services much more accessible and affordable to all.
So in this article, we’ll cover many facts, uses, and stand-out features of stellar blockchain.
What Is Stellar Blockchain Framework?
Stellar is a financial service that is known for its easy cross-border payment services. It has a decentralized set of networks that run on the Stellar Consensus Protocol (SCP). This protocol and network make the transaction fee low and fast. Stellar blockchain also has a native currency called Lumens (XLM). Lumens are used in paying the transaction fee and also create new accounts.
Since the stellar blockchain runs on a distributed ledger protocol, it requires consensus for validating transactions. Its network is made up of nodes, that act like servers of the network.
Everyone with access to these nodes has an equal say in governance. This consensus method on the stellar blockchain is called the Federated Byzantine Agreement (FBA).
Benefits of Stellar Blockchain
Like every blockchain, Stellar also has many benefits that can be advantageous to many businesses:
Decentralized Database
Stellar blockchain has an open-source and decentralized database. With this, anyone can access the data and view the stored data. And through SCP, businesses can have control over the level ofr trust. Businesses can customize the network according to their needs and level of security.
Low Transaction Fees
With Stellar blockchain businesses can experience much lower fees than any other traditional bank. Furthermore, businesses don’t have to keep a minimum balance to use stellar blockchain. Therefore, it is perfect for newly opened or small businesses.
Smart Contracts
Smart contracts are codes that can be used to make processes automated. These contracts can automatically make payments when the service is received from any business. Smart contracts are an integral part of the stellar blockchain.
Flawless Integration
Stellar blockchain can easily collaborate with any existing systems of businesses with the help of its application programming interface (API). The platform can be used with different programming languages, making it easier for developers to access it.
These features make Stellar blockchain a reliable solution for many businesses looking for an efficient blockchain solution.
Some Other Advantages of Stellar Blockchain
Apart from all of the above-mentioned benefits of stellar blockchain, it also has many other advantages that might appeal to a lot of businesses.
- Compatibility with other Blockchains.
- Secure and Transparent Transactions.
- Fast and Affordable Transactions.
- Trustworthy and Decentralized system.
Conclusion
Stellar blockchain is a very valuable blockchain solution that can be helpful to many businesses. It offers many promising features and is very affordable. And even though it faces risks such as competition from other blockchains and the fear of becoming centralized, the stellar blockchain is still fixed on its aim to provide easy financial services.
